Silver Bird?

Saw these set of opinion posted on Star Bizweek.

• Resilient at current level
  THE share price of Silver Bird Group (Silver Bird) Bhd has dropped substantially over the past year as the company suffered heavy losses in the just-ended financial year.

I find the following set of comments to be rather interesting.

• Silver Bird is principally involved in the manufacturing and trading of bakery products. It is also involved in the distribution of prepaid phone cards.
  
  In the financial year ended October 2006, Silver Bird plunged into a net loss of RM48.2mil from a net profit of RM22.2mil the previous financial year despite a 23% rise in turnover from RM484.7 mil to RM598 mil.
  
  The company attributed the heavy losses to the provision of impairment losses of RM28 mil, asset write-offs of some RM7.8mil and initial start-up losses of RM15mil in its Singapore operations.
  
  Despite suffering heavy losses, Silver Bird’s cash position actually improved from negative RM4.1mil to RM60 mil according to its cash flow statement.
  
  This indicates that the losses suffered by Silver Bird last financial year is due mainly to accounting treatment. Following the sharp drop in share price, Silver Bird has stepped up its share buyback programme.

When there are statements made like this, I guess it's best we see for ourselves.

What caused the cash to increase by so much?

Was there some disposal?

Was there drawdown of loans?

Or was the accounting treatment making the stock look bad?

The following is the attached screen-shot of Silver Bird's Cash Flow Statement.

Oh, you be the jury...